Motilal Oswal Financial Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Wealth Management: 39.0% • Asset & Private Wealth Management: 32.1% • Treasury Investments: 13.7%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Solid return on assets for a lender - ROA of 3.5%
- Company has a good return on equity (ROE) track record: 3 Years ROE 21.1%
- Company has delivered good sales growth of 16.7% CAGR over last 5 years
- Operating margins have improved to 40.8% from 36.2%
- Company has been maintaining a healthy dividend payout of 39.1%
CONS
- Valuation is stretched - P/E of 58.4 is well above its own 5-year median (4.6)
- Company has delivered a poor profit growth of 4.2% over past five years
- Expensive relative to growth - PEG of 3.3
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MCX | 3340.05 | 55.24 | 85168.55 | 0.24 | 413.44 | 103.47 | 702.00 | 88.10 | 48.10 | 70.40 |
| MOTILALOFS | 1023.00 | 31.12 | 61617.67 | 0.59 | 1273.71 | 9.53 | 3425.76 | 25.49 | 12.68 | 57.49 |
| 360ONE | 1096.25 | 35.40 | 44679.26 | 1.09 | 330.53 | 16.11 | 1226.09 | 26.85 | 12.28 | 63.01 |
| NUVAMA | 1784.20 | 30.39 | 32909.41 | 1.56 | 305.64 | 15.83 | 1376.22 | 22.59 | 17.52 | 52.80 |
| ANGELONE | 299.40 | 26.52 | 27366.25 | 1.35 | 2313.98 | 1921.51 | 14296.91 | 1153.53 | 14.87 | 33.92 |
| CHOICEIN | 749.85 | 70.28 | 16704.90 | 0.00 | 60.61 | 26.37 | 309.79 | 32.46 | 19.43 | 33.83 |
| IIFLCAPS | 337.65 | 18.67 | 10642.01 | 0.89 | 184.16 | 4.92 | 631.48 | 3.13 | 23.27 | 35.76 |
| SHAREINDIA | 189.75 | 11.42 | 4152.21 | 0.84 | 124.41 | 47.45 | 448.09 | 31.25 | 21.00 | 44.76 |
| ARSSBL | 505.70 | 24.57 | 3189.27 | 0.99 | 23.35 | 2.35 | 246.10 | 22.37 | 19.72 | 39.54 |
| MONARCH | 370.95 | 16.24 | 2941.94 | 0.27 | 45.18 | -0.15 | 90.89 | -7.25 | 33.26 | 66.00 |
| GEOJITFSL | 80.02 | 30.80 | 2233.54 | 1.87 | 19.83 | -30.83 | 160.40 | 7.46 | 9.35 | 20.55 |
| ALGOQUANT | 63.80 | 39.47 | 1793.39 | 0.00 | 164.80 | 3610.04 | 778.70 | 1328.81 | 33.57 | 33.64 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 868 | 10,549 | 1,110 | 1,467 | 1,439 | 1,765 | 1,231 | 815 | 1,409 | 1,084 | 1,208 | 935 | 1,776 | |
| 488 | 6,878 | 532 | 714 | 716 | 803 | 674 | 658 | 701 | 672 | 689 | 758 | 1,029 | |
| Operating Profit | 396 | 4,815 | 593 | 771 | 803 | 977 | 564 | 164 | 804 | 420 | 532 | 183 | 1,042 |
| OPM % | 45.64% | 45.64% | 53.46% | 52.57% | 55.82% | 55.37% | 45.83% | 20.06% | 57.08% | 38.72% | 44.08% | 19.59% | 58.70% |
| Other Income | 34 | 100 | 8 | 20 | 27 | 23 | 39 | 30 | 30 | 33 | 30 | 37 | 35 |
| Interest | 71 | 997 | 118 | 160 | 192 | 212 | 210 | 199 | 177 | 184 | 216 | 261 | 271 |
| Depreciation | 15 | 147 | 21 | 21 | 19 | 21 | 24 | 23 | 23 | 24 | 25 | 24 | 24 |
| 345 | 3,770 | 461 | 609 | 619 | 768 | 369 | -28 | 634 | 246 | 321 | -65 | 782 | |
| Tax % | 16.78% | 18.32% | 17.83% | 15.22% | 16.16% | 22.97% | 21.65% | 70.76% | 16.08% | 20.87% | 23.65% | 24.82% | 14.97% |
| Net Profit | 287 | 3,080 | 379 | 516 | 519 | 591 | 289 | -8 | 532 | 194 | 245 | -49 | 665 |
| 5 | 21 | 6 | 9 | 9 | 10 | 5 | -0 | 9 | 3 | 4 | -1 | 1 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 132 | 1,355 | 1,282 | 1,111 | 2,198 | 2,579 | 2,666 | 4,563 | 5,359 | 4,759 | 5,003 | |
| 5 | 731 | 798 | 795 | 1,096 | 1,552 | 1,700 | 2,314 | 2,857 | 2,819 | 3,147 | |
| Operating Profit | 126 | 624 | 484 | 316 | 1,102 | 1,027 | 966 | 2,248 | 2,503 | 1,940 | 1,856 |
| OPM % | 95.87% | 46.07% | 37.78% | 28.47% | 50.15% | 39.83% | 36.24% | 49.28% | 46.70% | 40.76% | 37.09% |
| -27 | 4 | 31 | 37 | -62 | 38 | 26 | 82 | 125 | 131 | 135 | |
| Interest | 5 | 93 | 104 | 129 | 128 | 162 | 217 | 466 | 812 | 838 | 932 |
| Depreciation | 7 | 29 | 18 | 30 | 37 | 39 | 50 | 72 | 87 | 96 | 98 |
| Profit before Tax | 88 | 506 | 394 | 194 | 876 | 864 | 725 | 1,792 | 1,728 | 1,135 | 1,283 |
| Tax % | 0.06% | 21.10% | 17.76% | -1.39% | 14.33% | 18.20% | 21.56% | 16.84% | 19.48% | 18.76% | 17.77% |
| Net Profit | 87 | 399 | 324 | 197 | 751 | 707 | 569 | 1,490 | 1,391 | 923 | 1,055 |
| EPS | 5.94 | 26.75 | 21.56 | 13.09 | 50.16 | 47.69 | 38.26 | 100.03 | 23.22 | 15.33 | — |
| Dividend Payout % | 41.29% | 30.91% | 38.27% | 30.10% | 19.53% | 21.09% | 26.00% | 14.00% | 21.54% | 39.15% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 46%
- 5 Years:
- 17%
- 3 Years:
- 21%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 35%
- 5 Years:
- 4%
- 3 Years:
- 17%
STOCK PRICE CAGR
- 10 Years:
- 24%
- 5 Years:
- 39%
- 3 Years:
- 65%
- 1 Year:
- 10%
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- 19%
- 3 Years:
- 21%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 60 | 60 |
| 655 | 2,340 | 2,545 | 2,712 | 3,552 | 4,165 | 4,351 | 5,814 | 6,935 | 7,746 | |
| 367 | 1,277 | 1,421 | 1,431 | 2,080 | 2,172 | 3,737 | 6,773 | 8,866 | 13,879 | |
| Trade Payables | 0 | 976 | 1,146 | 1,567 | 2,798 | 3,446 | 3,166 | 5,186 | 4,952 | 5,284 |
| 123 | 670 | 580 | 802 | 1,109 | 1,601 | 3,375 | 3,833 | 1,508 | 3,904 | |
| Total Liabilities | 1,159 | 5,277 | 5,706 | 6,526 | 9,554 | 11,399 | 14,643 | 21,621 | 22,321 | 30,872 |
| 138 | 203 | 198 | 229 | 248 | 253 | 358 | 499 | 641 | 632 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31 | 31 |
| 658 | 3,118 | 3,095 | 3,780 | 3,944 | 4,347 | 4,056 | 5,476 | 6,418 | 6,859 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,401 | 1,789 | 3,577 | |
| Cash & Bank | 7 | 235 | 565 | 1,203 | 2,719 | 4,170 | 7,161 | 9,539 | 8,652 | 11,775 |
| 357 | 1,720 | 1,848 | 1,314 | 2,643 | 2,629 | 3,068 | 4,705 | 4,789 | 7,998 | |
| Total Assets | 1,159 | 5,277 | 5,706 | 6,526 | 9,554 | 11,399 | 14,643 | 21,621 | 22,321 | 30,872 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -104 | 575 | 434 | 862 | -553 | 995 | -1,185 | -498 | 607 | -5,527 | |
| Cash from Investing | -106 | -289 | -100 | -295 | 111 | -357 | 30 | -487 | -334 | 104 |
| Cash from Financing | 49 | -181 | -132 | -70 | 443 | -53 | 1,212 | 3,202 | 2,213 | 4,643 |
| -106 | 17 | 75 | 419 | -106 | 469 | -90 | 2,216 | 2,486 | -780 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Motilal Oswal Financial Services Limited has informed the Exchange about issue of Securities
2026-09-07 - Motilal Oswal Financial Services Limited has informed the Exchange about Intimation of Analysts/Investors Meetings/Conferences
2026-09-02 - Motilal Oswal Financial Services Limited has informed the Exchange regarding 'Fund raising by way of Issuance of Non-Convertible Debentures'.
2026-08-12 - Motilal Oswal Financial Services Limited has informed the Exchange regarding allotment of 1,76,529 securities pursuant to ESOP/ESPS at its meeting held on August 12, 2026
2026-08-10 - Motilal Oswal Financial Services Limited has informed the Exchange regarding 'Press Release - Motilal Oswal Asset Management Company crosses ₹2 Lakh Crores in Assets Under Management ( AUM ) '.
2026-08-05 - Revision in ESG Rating received from ICRA ESG Ratings Limited: Upgrade in Impact Rating to 80 (Outstanding) from 76 (Good)
2026-08-05 - Motilal Oswal Financial Services Limited has informed the Exchanges about Intimation of Analysts/Investors Meetings/Conferences
2026-07-31 - Motilal Oswal Financial Services Limited has informed the Exchange about Transcript
2026-07-24 - Motilal Oswal Financial Services Limited has informed the Exchange about Link of Recording
News
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